AAMI home building insurance comes with Complete Replacement Cover. The amount we insure your home for under Complete Replacement Cover is the cost to rebuild or replace your home to the same standard and size it is now.
We work very closely with Cordell Information Pty Ltd, who are recognised as a leading Australian building cost expert, with over 40 years in the construction industry. The rebuilding cost they provide to us have many factors built in and ensure that the main factors that influence the rebuilding cost of your home are properly accounted for. The questions we ask you about your home and the details we gather at claim time enable us to gain an understanding of your home, and allow us to rebuild it to the same size and standard as your current home
This means we cover loss or damage to the building due to an insured event up to whatever it costs us to repair or rebuild the building on a ‘new for old’ basis.
There are some limitations and conditions that apply to our Complete Replacement Cover. Please read the entire PDS carefully so that you understand how we settle building claims.
Our Home Contents Policy covers the replacement or repair of your damaged or destroyed contents at current cost. This means it’s very important that you value your contents, on a regular basis, for their current cost of replacement if they were completely destroyed. The value you decide upon will be the amount your contents will be covered for.
If you’re unsure of the value you would like to insure your contents for, AAMI has created an interactive contents valuation calculator, that you can use to give you a estimated value of your contents. When working out the value of your contents you should think about how much it would cost to replace them with new equivalent items today. To use the calculator, go to: Content Calculators.
When you are insuring your contents in a home in which you are residing as a tenant, your contents also include:
any fixtures or fittings for which you are responsible under the rental agreement,
fixtures or fittings that you own.
To increase the value of your contents amount covered, email your request to us at firstname.lastname@example.org and list the following details: your policy number, first name and surname, e-mail address, phone number, date of birth and the revised amount of contents cover you would like. Your contents cover will only increase once we have advised you in writing and is subject to you paying us any additional premium we charge you.
AAMI does not specify a minimum sum insured for your Contents.
It is important you insure your contents for the cost of replacing them new for old. To help you do this, AAMI provides a home contents value calculator.
There are 3 types of contents that can be covered under the policy:
1. General Contents
contents without fixed limits (e.g. leather lounge, television, clothes);
contents with fixed limits (e.g. contents in the open air, cash);
contents with flexible limits (works of art, woven rugs).
2. Limited Cover Specified Items
You can ask us to increase the limit of a ‘flexible limit’ content by listing that item for a specified value i.e a specific painting you have asked us to cover at the insured address for a specified value. If we agree and you pay the additional premium, the content will then be shown on your insurance schedule as a 'limited cover specified item'.
3. Optional Extra Cover for portable valuables (accidental loss/damage cover at and away from the home)
You may also want cover away from the home for personal items you often wear or carry with you (eg jewellery, watch, laptop, mobile device).
You have the option to purchase this cover at the end of the quote process when you premium is provided. You will also find information regarding the types of items you can cover as portable valuables.
A formal rental agreement with your tenant is not a required to purchase an AAMI Landlord policy, however AAMI encourages you to have one in place, since in the event of a claim we may ask you to provide alternative documentation to support your claim.
AAMI Landlord Insurance can be extended to cover your landlord contents, if your rental property is rented out furnished. However you cannot purchase landlord contents cover by itself, without landlord building cover (or AAMI Strata Title Landlord Insurance cover, for fixtures and fittings) under the same policy. Your tenants contents are not covered under your AAMI landlord contents policy.
Your property is at greater risk of loss or damage when your landlord building is unoccupied for a lengthy period. Because of this extra risk, if you claim for loss or damage that occurs after your landlord building has not been occupied for 60 continuous days, an additional compulsory excess is payable.
Tenant Protection is an extra cover that can be added to your AAMI Landlord or Strata Title Landlord insurance policy for an extra premium, to ensure that your landlord property is covered against malicious damage or theft caused by your tenants or their visitors.
Tenant Protection also provides limited cover for loss of rent should your tenant stop paying their rent. Our payment under a Tenant Protection claim will be reduced by an amount equivalent to four weeks rent at the rate payable under your tenant’s current rental agreement.
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Strata Title landlord Insurance removes the doubt about whether your landlord fixtures and fittings are insured when you are renting out a unit or apartment managed by an owners’ corporation (also known as a body corporation or community titles scheme). We cover loss or damage to your landlord fixtures and fittings when that loss or damage is caused by an insured event and is not otherwise insured by your body corporate.
We will also cover your liability up to $10 million arising from accidents that happen within your strata title landlord property.
AAMI does not offer building insurance for strata title buildings. You can only make a claim if the loss or damage is not insured by the body corporate for the strata title development at your insured address.
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To purchase an AAMI building insurance policy you don't need to know the measurements of your house. We ask you how many bedrooms your home has, how many storeys and the relative size of its rooms, as well as a number of other relevant questions. The information you provide us, together with up to date construction cost data which we obtain from a company called Reed Construction Data (a recognised Australian construction cost expert, with over 35 years of experience) gives us an accurate indication of how much it would cost to rebuild your home.
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